Bank bosses are urged to support '˜truth and reconciliation' inquiry for misconduct victims

Kevin Hollinrake MP, the co-chair of the All-Party Parliamentary Group on Fair Business Banking (APPG), has written to the chief executives of all the banks in the UK that offer commercial lending.

The letter calls on the banks to support the APPG’s proposals for a public inquiry to offer “truth, reconciliation and restitution” for the past victims of bank misconduct.

Mr Hollinrake, who is the MP for Thirsk, Malton & Filey, urged the CEOs to support proposals for a Financial Services Tribunal to “future-proof” the dispute resolution landscape.

In his letter Mr Hollinrake states: “We are delighted that the Government is backing a dispute resolution and restitution mechanism that will deal with past cases.

“It is important that any system set up is independent and has the support of key stakeholders including the APPG , groups representing SMEs (small and medium sized enterprises) and professional dispute resolution bodies.”

He added: “The APPG looks forward to working with all stakeholders to produce a system that is not only independent but fair to all parties.”